The rise of the contingent workforce is inevitable in almost every industry in the world. Driven by technological advancement and encouraged by the pandemic, the gig economy is huge nowadays, and as a result, contingent workers are becoming more numerous with each passing year. This is not so much of a problem as it is an opportunity for companies and workers alike, but only if you manage your contingent workers the right way. This is where HR once again steps in to save the day.
In 2021, you want HR to take ownership of data and monitor the right metrics to help you manage your contingent workforce to achieve better results. That said, it’s not just about their productivity, it’s also about minimizing legal liability and creating a satisfied collective of top-notch contingent workers.
This is a great opportunity for HR to make the best of the worst of times during the COVID-19 pandemic, and ensure that your company continues on an upward path. Here are the five metrics to help you manage your contingent employees with ease.
Contingent representation rate
To start, the first metric you should keep track of is the contingent representation rate. This is a metric that tells you what percentage of your overall workforce is contingent, allowing you to manage your employees more efficiently and effectively. You can calculate the contingent representation rate by dividing your contingent workforce by the total workforce – multiply by 100 to get the percentage of your contingent workers in your employee collective.
Why is this an important metric for you and any HR specialists in your organization? Knowing your contingent representation rate allows you to get a bird’s-eye view of your workforce and see just how much you rely on contingent workers. A particularly high or low content representation rate is nothing to be alarmed about, but it is important to align it with your organization’s goals, objectives, and overall business strategy.
Overall customer service rating
The customer service rating is an important metric that you need to share with everyone, including your marketing, sales, support, and HR teams. This is one of those overarching, far-reaching metrics that can help you make better strategic decisions right now and down the road. The customer service rating tells you how well all customer-facing employees are servicing and communicating with your customers, which is especially important when you’re managing an omnichannel sales structure.
This includes employees who are a part of your full-time staff, but also your contingent workers, allowing you to identify high-performing and low-performing areas in your operation. Once you have collected this data and know your customer service rating, you can start employing better contingent workforce solutions to maximize productivity as well as customer happiness.
Onboarding and offboarding effectiveness
To manage your contingent workers efficiently and effectively for maximum results, you need to focus on their onboarding and offboarding. Firstly, understand that proper onboarding allows you to create a highly productive workforce right from the start, hence the need to do it right. That said, offboarding is also important for capitalizing on opportunities and minimizing risks.
For example, onboarding and offboarding is one of the focus areas of leading HR companies like the reputable CXC Global in America within their comprehensive list of HR services in contingent workforce management. Experienced HR companies know that onboarding and offboarding creates lucrative opportunities in North America but also the rest of the world, and optimizing the effectiveness of these processes in your organization can help you achieve better results.
Make sure to use your HR specialists to gauge the efficacy of onboarding and offboarding in your organization.
Payroll and invoice accuracy
For the contingent workforce program in your company to be successful, you also have to ensure payroll and invoice accuracy. You can track this information and compare it with past reports with ease in your payroll management system, which will tell you if there are any inaccuracies or inconsistencies that may hurt your relationship with the contingent workforce.
You can also outsource your payroll management to specialized professionals in order to reduce your workload and minimize the risk of error within your organization. This will help keep your contingent workers satisfied, eliminate legal liability, and raise overall productivity.
Communication response time
The business world is increasingly running on the remote work model, which has its benefits and potential drawbacks. When implemented properly, remote work can help your company thrive, but you need to monitor numerous metrics and manage your workforce wisely.
For one, you need to monitor the communication response time in your remote organization. Remote workers and remote contingent employees may be slower to respond to emails and messages, which can cause some processes to stall if not backtrack. This is a direct hit on productivity and output, but if you track the communication response time in your teams, you can identify issues and remedy them quickly.
Contingent workers can help your company thrive, but only if you manage these valuable assets properly. These metrics and best practices will empower you to understand your contingent workforce and make better long-term decisions that are in the best interest of your company and your employees.